All Glossary Terms
Lifo/Fifo
Maintenance definition:
Accounting methods used to value inventory. LIFO (Last In, First Out) assumes that the most recently produced items are sold first, while FIFO (First In, First Out) assumes that the oldest items are sold first. These methods affect how costs are calculated and can impact financial reporting and tax obligations. In maintenance inventory management, choosing between LIFO and FIFO can affect parts availability and cost control strategies.
